The Regulatory Impact Statement (RIS) on Australia’s Work Health and Safety laws has been released and will be available through the Safe Work Australia website shortly (probably today given the media attention). Much attention will be given to the cost estimates of the laws’ introduction but the 336-page RIS seen by SafetyAtWorkBlog emphasises in the Executive Summary that
“While monetary values of impacts are estimated and an appropriate sensitivity analysis is undertaken, these results should be treated with some caution given the uncertainties associated with estimating changes in work health and safety benefits. Greater weight should be given to the general direction that the estimates suggest is the likely outcome from these reforms.”
This important point is likely to be lost in some of the expected argy-bargy over economic impacts and cost v benefit.
The core figures provided in the RIS are:
“While there will be one‐off implementation costs, the quantitative analysis undertaken at the national level for adopting the model WHS Regulations indicates net benefits (i.e. after implementation costs) of around $250 million per annum to the Australian economy over each of the next 10 years. This estimate does not include expected productivity benefits. While noting the difficulties Continue reading “Safety costs of harmonised laws revealed”